Former 'Breaking Down' Representative Arrested in Fake Investment Scheme

TOKYO, Sep 26 (News On Japan) - The former representative of the martial arts event company 'Breaking Down,' Yugo Itagaki, along with two other individuals, has been arrested by the Tokyo Metropolitan Police on charges of defrauding a company executive out of 80 million yen.

The suspects allegedly deceived the victim by claiming that investing in a smartphone trading business would yield profits.

They promoted a scheme where smartphones were said to be cheaply sourced domestically and sold overseas at a high price. The suspects reportedly promised investors a return of 7 to 8 percent of the initial investment after two months. However, the business is believed to have been entirely fictitious.

Investigations suggest that the group amassed approximately 8 billion yen through this fraudulent scheme over a two-year period starting in 2020.

Source: テレ東BIZ

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